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FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were...

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Accounting

FIFO and LIFO Costs Under Perpetual Inventory System

The following units of an item were available for sale during the year:

Beginning inventory 47 units at $44
Sale 16 units at $62
First purchase 24 units at $47
Sale 30 units at $62
Second purchase 19 units at $50
Sale 10 units at $62

The firm uses the perpetual inventory system, and there are 34 units of the item on hand at the end of the year.

a. What is the total cost of the ending inventory according to FIFO? $

b. What is the total cost of the ending inventory according to LIFO? $

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